Martin Conway (Fine Gael)

I do not blame Senator Darragh O'Brien and others for getting excited about the banking issue. I ask them to accept the Government's good faith in this regard. I listened to the Minister of State at the Department of Finance, Deputy Brian Hayes, the Taoiseach and others saying they will deal with the banks if the interest rate cuts are not passed on. It is appalling that these banks, of which we are the paymasters, should behave in such a despicable fashion. We own them. It is right that this issue has been well vented here. I look forward to the introduction of legislation in this area. I think it is inevitable that we will have to introduce legislation, even if the interest rate cuts are passed on. This situation will repeat itself as interest rates are cut by the European Central Bank.

It is most appropriate to congratulate Ryanair on its spectacular results. It is likely to make a profit of €440 million during these recessionary times. Regardless of whether one likes Michael O'Leary, one has to admire him for that. I admire him for another reason as well, which is that he pays his taxes in this country. I would like to ask the Leader a question in that context. I am aware of significantly wealthy individuals who have mansions in this country, but are tax exiles. This situation needs to be dealt with comprehensively, for once and for all, in the upcoming budget. I take exception to the likes of Bono who preach about the Third World and speak about how we can get this country working again-----